© Dukascopy Bank SA
- Nordea (based on Reuters)
Pair's Outlook
Apparently, the bulls are not willing to give up, pushing the exchange rate all the way back up to a tough resistance zone at 0.9348/16 from the support formed by the weekly pivot point and the 20-day SMA at 0.9182/68. However, neither this nor subsequent attempts to climb over this area expected to succeed, we retain our negative bias towards the currency pair.
Traders' Sentiment
Even though on average the Australian Dollar became less preferred in the SWFX marketplace (in its currency pairs it is acquired in 70% of cases instead of 73% previously), the conviction of traders that AUD/USD is about to go up strengthened, since the share of long positions increased to 75% from 72%.
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